Sellers FAQ's - Frequently Asked Questions
SELLERS FREQUENTLY ASKED QUESTIONS
The ForSaleByBids™ technology platform was originally designed to simplify and speed up Real Estate transactions by automating several processes such as replacing price negotiations with an automated bidding system. The technology platform offers Sellers the opportunity to sell via Sealed Bids or Open Bids, with buyers competing bidding to buy, and offering sellers the option of paying no commission.
Registration is Free! There is no cost to register at ForSaleByBids.com.
All you need to do is to complete the registration form. You start the process by clicking "REGISTER" at the menu and follow the onscreen instructions and submit your information. You will receive email confirming your registration including a link for you to complete the registration process.
To change any information in your profile, simply login, go to "MEMBERS AREA", click on "My Account", change the information you wish to change, then click on the "Proceed" button at the bottom to save.
No, there is No Upfront Fee to list property for sale at ForSaleByBids.com
You can list any type of Real Estate for sale with us. All Residential, Multi-family, Farm & Ranch, Commercial, Mixed Use, or Land are welcome!
It's easy to list property for sale at ForSaleByBids.com
Simply complete the short "LIST YOUR HOUSE FOR SALE" form in the home page, and our Network Agents will take it from there. They will contact you, answer any questions you may have, help you complete the listing process, and start assisting you from start to finish!
No, you do not need to first Register to list your property for sale with us. Simply complete the short "LIST YOUR HOUSE FOR SALE" form in our home page, and our Network Agents will take it from there. But we do recommend you register. Registration is free, and will allow you to use many of the features of the website, such as saving properties to Favorites and also access to the Members Area where many more features can only be accessed.
Yes we can! Our platform also offers Sellers the choice of using the Traditional way most Agents use in selling Real Estate; an Offers and Counter Offers system is built into the platform for that purpose. With ForSaleByBids™ sellers may choose to sell the traditional way most Agents sell Real Estates, or list their Real Estate ForSaleByBids™ with the option to pay us no commission and have buyers competing bidding to buy!
The difference is as follows:
1. ForSaleByBids™ - when we help sell this way, the seller reviews and consider bids for a set period of time at the end of which the seller will select a winner. The buyers/bidders get to see how much others are bidding, thus creating a more competitive fair market condition.
2. Traditional - when we help sell this way, the seller receive and consider offers one by one. The buyers do not get to see how much the other buyers are offering you.
If you see a "Place Bid" button in the property's details page, then it is ForSaleByBids™; if instead the button says "Make Offer" then it is for sale the traditional way.
Yes there are many advantages! Besides the fact that you'll sell Quicker, an obvious advantage is the fact that Buyers Compete Bidding To Buy! Assures your property will sell at competitive market price!
After bidding ends, a small buyers premium which covers our fee is added and included in the sales price buyers pay at closing, enabling you the Seller to pay No Commission! Save Big!
Yes, a Seller may choose to pay a part or all of the Buyers Premium for the buyer. If you list your house ForSaleByBids™ you can choose to pay all the buyers premium and request that your house be advertised as having no buyers premium.
Reserve Price is the price you set as the minimum price you will accept. Your property will only be sold at or above that price! The amount of the Reserve price is not disclosed to bidders.
Before bidding or making an offer, we ask that the buyers/bidders, if getting a mortgage loan, submit a letter of Pre-Approval from a Mortgage Lender, and if paying cash, submit proof of funds in the form of a letter or bank statement showing sufficient funds for the purchase. The letter must be dated within 30 days of when we receive it.
No, the Free House Values Report is not an Appraisal report. It is a Comparative Market Analysis (CMA) report or simply a Real Estate Broker's Opinion or Estimate of the value of your house based on comparisons with similar properties sold in your neighborhood within the previous six months of the report date. If you need a FREE No Obligation House Values Report to help you with pricing decision, please contact us.
It is a period of time usually a number of days during which the buyer may exercise the option to terminate or withdraw from the sale without jeopardizing the Earnest Money by paying a Non Refundable Bid Cancellation or Offer Cancellation option fee. Please Note that a Seller may or may not allow an option period, and as such option periods may vary from 0 to 7 days for listings at ForSaleByBids.com and if an option period is applicable, it will be stated in the property's details page. A home buyer may hire and pay for a Licensed Professional Home Inspector to inspect the property during the option period.
Yes! We can help you sell and also help you buy. If you are selling your house and buying another home, our Network Agents and other professionals can help coordinate closings so that you only move once from your current house to your new home, saving you Money & Time and also reducing the stress and hassles of moving!
No, you do not have to first do repairs. Though if you know it needs repairs, repairing it might increase its value in the eyes of buyers. You Can Sell As Is - All properties sold at ForSaleByBids™ are sold as is. Our system is designed for the sale of properties in any condition. Though we do recommend that any known defect be disclosed to bidders/buyers, you the seller is under no obligation to make repairs, but you may do so to potentially increase your property value.
No, our Network Agents listing your property in the MLS is at no additional cost to you. When you list your property for sale with us, our Network Agents also list it in the MLS (Multiple Listing Service) to advertise your property to Agents and Brokers Local, Nation-wide, and Global, and their Buyer clients!
No, if you list your property for sale with us, the services of our Network Agents are at no extra cost to you.
Real Estate is the biggest investment most people will ever make in their life; we believe it is important that you have access to the assistance of State Licensed Real Estate Professionals. Our Network Agents are available to assist you from start to finish!
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